It’s not controversial to say that everyone wants to get rich. Even if you like what you’re doing on a lower salary, chances are life would be a lot easier if you had some more money in your pocket. There’s no such thing as a get-rich-quick tactic unless you already have over a million dollars to spend, so you’re going to have to work for it. Still, there are some steps you can take to learn how to get rich, so we’ve compiled a list to help you along.
Setting Yourself Up For Success
1. Look at Other Successful People
Sure, there are a lot of people who were born into their wealth, but those aren’t the people you’ll be studying. Take a look at self-made millionaires and billionaires and see what they’ve done to make themselves successful. There is some luck involved, but setting yourself up to succeed is something about which these people know a lot.
There is no shortage of free online advice from some of these high-profile individuals who made their fortune from nothing. It seems that these people are handing out information left and right, but not a lot of people are taking it. People like Mark Cuban are open about what they’ve done to gather their fortune, as well as the mentality you have to have to become successful.
Sometimes, listening to these people can be a bit depressing. They explain their mentality and work ethic, and in contrast, most people feel like they’re too far away from that way of thinking. That’s why, though, most people aren’t as rich as these individuals. You can learn a lot from self-made business owners, both practical and philosophical.
2. Be the Best at What You Do
The saying, “Luck is what happens when preparation meets opportunity,” is undoubtedly true, and any successful person will tell you as much. Sure, it’s going to take a couple of friendly bounces, but if you’re not ready, then your moment will pass you by. So many people are spending all their time waiting for their lucky break that they don’t even notice they’ve already missed ten of them.
Start by focusing on your plan. Become the best version of yourself so that you’re able to recognize an opportunity when you see one. Seize the moment - don’t let fear hold you back. Practice and prepare, and you’ll be ready when your name is called.
3. Understand That You Need to Take Risks
Since there are innumerable ways you can start accumulating a small fortune - and each depends on job discipline - this is the only practical tip we’ll give you here. You need to start investing. High-profile investors like Warren Buffet will tell you that while you can save a million dollars over your lifetime, but if you want to accumulate a fortune you need to take risks.
The stock market is an excellent option if you know what you’re doing, but real estate has a lower barrier to entry. Once you’ve accumulated enough money for a down payment, you can buy property. After that, one of the popular strategies is to rent the place until you can afford another one, then adding another house or building to your portfolio.
You're going to need to put up some money to make more money. Property is usually pretty safe, but there are always risks involved with investments. Make yours wisely, but understand that you can’t get where you want to go without taking some risks along the way.
4. Surround Yourself with the Right People
If you’re only around people with no drive, how do you expect to get ahead? You can have all the ambition in the world, but if no one around you is bringing anything to the table, then they’re not worth your time. We’re not suggesting that you abandon a childhood friend, but instead, make new professional and personal relationships that will help get you to the next level.
If no one around you is striving to reach the same goals you are, then you’re mostly on your own. Even more, if your friends are stuck in a rut, it’s easy to justify bad decisions by telling yourself, “Hey, at least I’m doing better than Ryan.” If on the other hand, you have a close friend with a few million dollars in the bank, there are no excuses for striving to be any less than they are.
The most important element of surrounding yourself with driven individuals is that they’ll be able to help you along the way. If you know someone who has already made a small fortune, they’ll be able to tell you what steps they took to get there. They can open doors for you that would otherwise be hard to get into.
5. Increase Your Income Channels
If you want to make the most money possible, make the most out of every opportunity you get. Whatever you’re doing, find a way to make multiple streams of income doing it. Find your niche, then milk every ounce of money you can out of it. Making serious money means you’ll have to come up with creative ways to establish multiple income streams.
Don’t settle for a day job being your only source of income. Find a way to use the skills you learn to make as much money as possible, then expand. It’s important to connect your income streams and grow with them.
If you choose to invest in real estate, for instance, don’t then start a telemarketing business or blog on the side. If you do, you’ll find that you’re giving two things half your effort. Instead, go all-in on one stream and turn it into multiple. Connect your revenue streams to get the most out of them.
6. Don’t Focus on How Much You’re Making
How you’re planning to make your fortune is 100% more important than how much money you’re making. You may be living paycheck to paycheck, but if you’re in the right business, at the right company, or with the right people, you’re going to succeed. Sure, you might be low on funds now, but don’t be so short-sighted.
Taking a job at a company for a few more thousand dollars may seem tempting at the time. If you’re leaving a job with the potential to take you into the stratosphere, however, you’re making the wrong decision. Instead of focusing on your current earnings, create a plan on how to expand your revenue streams. Focus on your future and get your current earnings out of your head.
7. Generosity: Selfish Giving
When people ask how to get rich, one of the things they don’t expect to hear is to volunteer their time or money. In reality, though, studies have shown that volunteering brings multiple benefits, both in health and in personal relationships. Most of these studies have been conducted with older individuals to gauge health benefits, but numerous successful people have used the same theories for their benefit.
One study that focused more on general happiness showed that giving makes people feel happier and more accomplished on the whole. In short, there is no drawback to charitable work, and in many cases, you can also parlay your giving into personal and financial gain. Find a way to get some potential earnings out of your volunteer work, and you’ll feel better and be in a better position to make more money.
8. Track Your Progress
If you’ve ever lost weight or gotten into working out in any way, the concept is the same. You’re going to see incremental changes. Unless you get extremely lucky, you won’t see a massive uptick in profits overnight. The same is true with working out, which is why it’s a good example to use.
If you’re trying to get in shape, you may not see the results on a scale. Losing five pounds in three weeks doesn’t seem like much, but if you continuously take progress pictures, you’ll be able to see how far you’ve come. Suddenly, the five pounds doesn’t matter anymore - you’re just excited to witness your belly shrinking and your shoulders getting more definition.
For income, the same can be said. A few thousand in the bank after months of work may not seem like much. Over multiple months, though, you’ll be able to look back and see where you started. Recording your progress allows you to focus on growth instead of how long the process is taking. Incremental gains are still gains, and you should identify and celebrate them.
Getting Rich the Right Way
Pretty much everyone wants to get rich, but only a small amount of people have the drive to get there. You have to work at it, and anyone who tells you differently is a liar. There’s no guaranteed way to make a fortune, just as there is no detailed outline we can give you. No one can tell you exactly how to get rich, but these tips should serve as a foundation for your future success.